The MVP License, which Cryptocom has been trying to obtain for a long time, has been approved by the Dubai Virtual Assets Regulatory Authority.
Cryptocom Acquires MVP License in Dubai from VARA
The MVP license makes it fully legal for Crypto.com to provide virtual asset services to businesses and institutions within Dubai. The company will now be able to offer crypto exchange services, brokerage, and margin/leverage trading to Dubai. Kris Marszalek, CEO of Crypto.com said:
“This achievement is the next significant step for Crypto.com in an incredibly important market for our business and industry. With the MVP preparatory license, we look forward to continuing to work with regulators in providing customers the most comprehensive and secure crypto experience.”
The company received a provisional MVP license in June 2022. By completing requirements such as governance procedures, Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) capabilities, Know Your Customer (KYC) and Ultimate Beneficial Owner (UBO) policies and procedures, cross-border safety and security measures, and best-in-class compliance practices, Cryptocom was awarded the MVP License. Henson Orser, Chief Executive Officer of VARA, said:
“We are pleased to welcome Crypto.com to the MVP Programme preparatory phase. VARA’s regulatory framework will be instrumental in creating and managing a unique, resilient and securely future-proofed ecosystem that delivers a sustainable and thriving global best-in-class VA market with secure cross-border interoperability. As such, participation from credible players like Crypto.com will further our mission of delivering a progressive and future-focused regulatory framework.”
About VARA
Established in 2022 under the Dubai Virtual Asset Regulations, VARA is the world’s first private regulator with the authority to regulate and supervise all virtual asset activities within and outside the United Arab Emirates, excluding the Dubai International Financial Center.
About Crypto.com
Founded in 2016, it is a cryptocurrency exchange with more than 80 million users worldwide. The platform has achieved a high level of success in regulatory compliance, security, and privacy. The company aims to increase cryptocurrency adoption and create a fairer digital ecosystem.
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